PANews reported on May 20th that, according to Fortune, decentralized derivatives trading protocol Variational has announced the completion of a $50 million Series A funding round, led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures. This follows a $10.3 million seed round led by Bain Capital Crypto. Headquartered in the Cayman Islands, Variational aggregates liquidity from major crypto exchanges and traditional financial market makers to provide on-chain derivatives trading, including real-world assets (RWAs) such as oil and commodities, aiming to compete with traditional markets like the CME. The project currently operates on a zero-fee, brokerage-like model. Its retail applications, Omni and OLP (Omni Liquidity Provider) liquidity pools, are currently invitation-only, but will gradually open to the public in select jurisdictions. The project also plans to expand its tradable assets and liquidity partners.